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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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008 D030501 94104
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<PAGE> PAGE 22
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046 000500 N
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<PAGE> PAGE 23
069 000500 N
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070 A020500 N
070 B010500 N
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070 E020500 N
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070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
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070 L020500 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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008 A000601 AXE-HOUGHTON ASSOCIATES, INC.
008 B000601 A
008 C000601 801-21166
008 D010601 RYE BROOK
008 D020601 NY
008 D030601 10573
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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008 A000701 IVORY & SIME INTERNATIONAL, INC.
008 B000701 A
008 C000701 801-13750
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<PAGE> PAGE 30
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066 C000700 Y
067 000700 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE LESLIE KLEIN
TITLE ASST TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from
the annual report for the period, September 2, 1994 (commencement of
operations) to August 31, 1995, and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<CIK> 0000924628
<NAME> THE SARATOGA ADVANTAGE TRUST
<SERIES>
<NUMBER> 1
<NAME> SARATOGA US GOVERNMENT MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-2-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 5200106
<INVESTMENTS-AT-VALUE> 5200106
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<ASSETS-OTHER> 60067
<OTHER-ITEMS-ASSETS> 0
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<EXPENSES-NET> (7506)
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<DISTRIBUTIONS-OF-INCOME> (101762)
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.0
<PER-SHARE-NII> .052
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<PER-SHARE-NAV-END> 1.0
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<FN>
<F1>26) Seed Capital
<F2>64) The Manager has voluntarily waived all of its fees and assumed a portion of
the operating expenses. Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the annual
report for the period, September 2, 1994 (commencement of operations) to
August 31, 1995, and is qualified in its entiretyby reference to such financial
statements.
</LEGEND>
<CIK> 0000924628
<NAME> THE SARATOGA ADVANTAGE TRUST
<SERIES>
<NUMBER> 2
<NAME> SARATOGA INVESTMENT QUALITY BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-2-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 4221596
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<OTHER-ITEMS-LIABILITIES> 142752
<TOTAL-LIABILITIES> 142752
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<PAID-IN-CAPITAL-COMMON> 4456981
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (949)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 4502834
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<EXPENSES-NET> (7111)
<NET-INVESTMENT-INCOME> 91743
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (61263)
<SHARES-REINVESTED> 9006
<NET-CHANGE-IN-ASSETS> 4502834
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 126221
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<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .60
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<EXPENSE-RATIO> .45<F1>
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<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>64) The Manager has voluntarily waived all of its fees and assumed a portion
of the operating expenses. Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the annual
report for the period September 2, 1994 (commencement of operations) to
August 31, 1995, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000924628
<NAME> THE SARATOGA ADVANTAGE TRUST
<SERIES>
<NUMBER> 3
<NAME> SARATOGA MUNICIPAL BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-2-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 1319182
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<OTHER-ITEMS-LIABILITIES> 138842
<TOTAL-LIABILITIES> 138842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1458855
<SHARES-COMMON-STOCK> 148780
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4276)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22845
<NET-ASSETS> 1477424
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<OTHER-INCOME> 0
<EXPENSES-NET> (2029)
<NET-INVESTMENT-INCOME> 26104
<REALIZED-GAINS-CURRENT> (4276)
<APPREC-INCREASE-CURRENT> 22845
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<DISTRIBUTIONS-OF-INCOME> (26104)
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<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (25963)
<SHARES-REINVESTED> 2624
<NET-CHANGE-IN-ASSETS> 1477424
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2994
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109723
<AVERAGE-NET-ASSETS> 545904
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .51
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> (.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> .37<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>64) The Manager has voluntarily waived all of its fees and assumed portion
of the operating expenses. Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the annual
report for the period September 2, 1994 (commencement of operations) and
August 31, 1995, and is qualifiedin its entiretyby reference to such
financial statements.
</LEGEND>
<CIK> 0000924628
<NAME> THE SARATOGA ADVANTAGE TRUST
<SERIES>
<NUMBER> 4
<NAME> SARATOGA LARGE CAPITALIZATION VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-2-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 5135498
<INVESTMENTS-AT-VALUE> 5670144
<RECEIVABLES> 170642
<ASSETS-OTHER> 71695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5912481
<PAYABLE-FOR-SECURITIES> 241642
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 156149
<TOTAL-LIABILITIES> 397791
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4847925
<SHARES-COMMON-STOCK> 448434
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 46159
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 85960
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 534646
<NET-ASSETS> 5514690
<DIVIDEND-INCOME> 33252
<INTEREST-INCOME> 28810
<OTHER-INCOME> 0
<EXPENSES-NET> (9258)
<NET-INVESTMENT-INCOME> 52804
<REALIZED-GAINS-CURRENT> 85960
<APPREC-INCREASE-CURRENT> 534646
<NET-CHANGE-FROM-OPS> 673410
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6645)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 568685
<NUMBER-OF-SHARES-REDEEMED> (120920)
<SHARES-REINVESTED> 669
<NET-CHANGE-IN-ASSETS> 5514690
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14958
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 150461
<AVERAGE-NET-ASSETS> 2307493
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 2.20
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.30
<EXPENSE-RATIO> .40<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>64) The Manager has voluntarily waived all of its fees and assumed a portion of
the operating expenses. Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the annual
report for the period September 2, 1994 (commencement of operations) to
August 31, 1995, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000924628
<NAME> THE SARATOGA ADVANTAGE TRUST
<SERIES>
<NUMBER> 5
<NAME> SARATOGA LARGE CAPITALIZATION GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-2-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 9420199
<INVESTMENTS-AT-VALUE> 10618728
<RECEIVABLES> 489971
<ASSETS-OTHER> 741210
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11849909
<PAYABLE-FOR-SECURITIES> 580192
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 162466
<TOTAL-LIABILITIES> 742658
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9869681
<SHARES-COMMON-STOCK> 863712
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 8991
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30050
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1198529
<NET-ASSETS> 11107251
<DIVIDEND-INCOME> 28280
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (17466)
<NET-INVESTMENT-INCOME> 10814
<REALIZED-GAINS-CURRENT> 30050
<APPREC-INCREASE-CURRENT> 1198529
<NET-CHANGE-FROM-OPS> 1239393
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1823)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 968006
<NUMBER-OF-SHARES-REDEEMED> (104476)
<SHARES-REINVESTED> 182
<NET-CHANGE-IN-ASSETS> 11107251
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22118
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 170212
<AVERAGE-NET-ASSETS> 3412058
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.85
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.86
<EXPENSE-RATIO> .51<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>64) The Manager has voluntarily waived all of its fees and assumed a portion
of the operating expenses. Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the annual
report for the period September 2, 1994 (commencement of operations) to
August 31, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000924628
<NAME> THE SARATOGA ADVANTAGE TRUST
<SERIES>
<NUMBER> 6
<NAME> SARATOGA SMALL CAPITALIZATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-2-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 12998146
<INVESTMENTS-AT-VALUE> 15306875
<RECEIVABLES> 202505
<ASSETS-OTHER> 61247
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15570627
<PAYABLE-FOR-SECURITIES> 283052
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 184184
<TOTAL-LIABILITIES> 467236
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12301293
<SHARES-COMMON-STOCK> 1197210
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1294
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 492075
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2308729
<NET-ASSETS> 15103391
<DIVIDEND-INCOME> 11257
<INTEREST-INCOME> 20698
<OTHER-INCOME> 0
<EXPENSES-NET> (27527)
<NET-INVESTMENT-INCOME> 4428
<REALIZED-GAINS-CURRENT> 492075
<APPREC-INCREASE-CURRENT> 2308729
<NET-CHANGE-FROM-OPS> 2805232
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3134)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1300430
<NUMBER-OF-SHARES-REDEEMED> (103528)
<SHARES-REINVESTED> 308
<NET-CHANGE-IN-ASSETS> 15103391
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 42603
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 234155
<AVERAGE-NET-ASSETS> 6572389
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.61
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.62
<EXPENSE-RATIO> .42<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>64) The Manager has voluntarily waived all of its fees and assumed a portion of
the operating expenses. Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the annual
report for the period September 2, 1994 (commencement of operations) to August
31, 1995 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000924628
<NAME> THE SARATOGA ADVANTAGE TRUST
<SERIES>
<NUMBER> 7
<NAME> SARATOGA INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> AUG-31-1995
<PERIOD-START> SEP-2-1994
<PERIOD-END> AUG-31-1995
<INVESTMENTS-AT-COST> 2528469
<INVESTMENTS-AT-VALUE> 2531662
<RECEIVABLES> 162003
<ASSETS-OTHER> 366906
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3060571
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 153816
<TOTAL-LIABILITIES> 153816
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2934323
<SHARES-COMMON-STOCK> 311650
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13971
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (44732)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3193
<NET-ASSETS> 2906755
<DIVIDEND-INCOME> 20661
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (5575)
<NET-INVESTMENT-INCOME> 15086
<REALIZED-GAINS-CURRENT> (44732)
<APPREC-INCREASE-CURRENT> 3193
<NET-CHANGE-FROM-OPS> (26453)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1115)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 361971
<NUMBER-OF-SHARES-REDEEMED> (50439)
<SHARES-REINVESTED> 118
<NET-CHANGE-IN-ASSETS> 2906755
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 131223
<AVERAGE-NET-ASSETS> 1469003
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.71)
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.33
<EXPENSE-RATIO> .38<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>64) The Manager has voluntarily waived all of its fees and assumed a portion
of the operating expenses. Annualized.
</FN>
</TABLE>